Main object of pvt ltd.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 March 2015 CAN ANY ONE TELL ME MAIN OBJECT OF CHIT PVT LTD. AND OIL BUSINESS (MUSTRAD OIL )
SOME LINE WHICH I CAN PUT ....
THANKS....

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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19 March 2015 Permission to do CHIT business and OIL business by ONE company will not be given by MCA.

Main object clause of chit company is given hereunder.

To start and conduct kuries namely transactions entered into by the company with a number of persons that everyone of the contracting parties shall subscribe a certain amount of money by periodical installments for certain definite periods and that each in his or her turn as determined by lot or by auction or both shall be entitled to the prize amount less discounts as may be provided fit in the agreement, but the company shall not carry on the business of banking within the meaning of Banking Regulations Act,1949.

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